The San Carlos Real Estate Week in Review: 3/14/2016.

The Scoop.

For the first time in a quite a few months, it was not a banner week for home sales in San Carlos. Three of the four homes that closed escrow this past week did not get full list price. The average percentage of sales price to list price topped out at 96% — certainly nothing to cry about, but also very un-San Carlos when we have grown accustomed to seeing over 110% on a regular basis.

Another number that hit a level that we haven't seen in quite a while is the active-pending ratio.  At the start of this week it's sitting at 1.7, which means there are nearly two active listings for each one pending. In other words, this is an indicator that are starting to build up some inventory, which is certainly the case as we now have 17 active single-family residence listings in San Carlos. This is also a level we have not seen in quite a while, but something that you might expect as we enter the main period of the Spring real estate market.

Cause for concern?  Not necessarily. The surprisingly lackluster performance of those closed sales was just as much a function of coincidence that they all closed in the same week as it was any solid indicator that the market may be topping out. Looking at the 10 homes that are pending sale right now, quite a few of them fetched nice premiums over the asking price, which will show up in the coming weeks when they close. So clearly, buyers still have a strong appetite for homes with the right stuff.

But what this does show is that there is  certainly an upper limit to what buyers are going to spend on homes that may not be completely dialed in, which is something that sellers and agents will need to keep in mind as they set prices on new listings.

Here is a look at last week's numbers:

The Numbers.

Below is a high-level view of the market performance for single-family residences in San Carlos. This data is for the 7-day period ending Sunday 3/13/2016:

San Carlos Housing Data	3/13/16	Prior Week
Closed Sales for the Week:	4	3
Average Sold Price:	$1,695,000	$1,475,000
Average $/Sq Foot (Sold)	$852	$1,152
Average Sold as Percentage Of List Price:	96%	103%
Average DOM of Closed Sales	27	16
Total # of Homes Pending Sale:	10	12
No. of New Listings:	5	6
Total # of Active Listings:	17	12
Average Price of Active Listings:	$1,989,727	$1,914,967
Average DOM of Active Listings:	19	19
Average $/Sq Foot (List)	$814	$881
Active-Pending Ratio:	1.7 : 1	1.0 : 1

The San Carlos Open House Page.

If you're looking at open houses this weekend in San Carlos, check out the San Carlos Open House List. With one click on the Open House sign below, you'll get a “live” list of all the homes and condos that will be open this weekend in San Carlos! It's updated continuously from the MLS, so bookmark this link and you'll never have to wander around town looking for open houses again.

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San Carlos Single-Family Homes Sold:

Below is a list of the single-family home contracts that closed escrow this past week in San Carlos. Click on the address of each to see the complete details.

Address	Sold Price	Orig. List	Difference	DOM (days)
200 Rockridge Road	$2,125,000	$2,295,000	-$170,000 (-7.4%)	17
251 Coronado Avenue	$1,770,000	$1,849,888	-$79,888 (-4.3%)	30
1 Pepper Lane	$1,685,000	$1,524,950	+$160,050 (+10.5%)	11
1052 Sunset Drive	$1,200,000	$1,395,000	-$195,000 (-14.0%)	48

Note: The sold data provided above is strictly for informational purposes only, and should not imply that the author was involved in either side of the transaction. The source of this data is the Multiple Listing Service (MLS). Author is in now way responsible for the accuracy of the data from this source.

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San Carlos Single-Family Homes Pending Sale:

The following single-family homes went into contract in San Carlos this past week. Click on the address of each home to see more details and photos:

Address	DOM (days)	List Price
500 Walnut Street	14	$2,100,000
219 Frances Lane	20	$1,899,000

Note: The pending data provided above is strictly for informational purposes only, and should not imply that the author was involved in either side of the transaction. _______________________________________________________________________________________

New Single-Family Home Listings in San Carlos:

Below are the new listings that hit the market this past week in San Carlos. Click on the address of each home to see more details and photos.

Address	List Price	BR/BA	Sq Ft (home/lot)	Listed By
163 Los Vientos Way	$3,689,000	4BR/4.5BA	4,518/32,801	Joe Polyak, Keller Williams
339 Cedar Street	$2,795,000	4BR/3BA	2,923/5,400	Sarah Ravella, Dwell Realtors
2634 Graceland Avenue	$2,688,000	4BR/3.5BA	3,110/10,900	Debbie Wilhelm, Coldwell Banker
2601 Melendy Drive	$1,525,000	4BR/2BA	1,880/7,488	Laura Bertolacci, Dwell Realtors
1552 Chestnut Street	$1,395,000	3BR/2BA	1,420/4,400	Tim Kerns, Coldwell Banker

Note: The listing data provided above is strictly for informational purposes only, and should not imply that the author is the listing agent. This data is pulled from the Multiple listing service, and the author is in no way responsible for the accuracy of the data provided herein.

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